JPMC Utilities Daily

Research evidence excerpt

JPMC Utilities Daily

J P M O R G A N Europe Equity Research

15 July 2026

15 July: EDP, EDPR, IBE x2, UK WATER, RED,

ORSTED

ACSector Headlines EuropeanJavier GarridoUtilities & Clean Energy

(34-91) 516-1557

javier.x.garrido@jpmorgan.com

J.P. Morgan Securities plc

AC• EDP: Strong momentum should be confirmed by a strong margin in Q2. H1 Pavan Mahbubani, CFA

2026 preview (Research Available) (44-20) 7134-3056

pavan.mahbubani@jpmorgan.com

• EDP Renovaveis: H1 26 results preview – A solid quarter (Research J.P. Morgan Securities plc

Available)

Alejandra Botbol

• Iberdrola: H126 preview – Current FY guidance still likely to be beaten (44-20) 3493-8711

despite an optically weaker net income print in H1 (Research Available) alejandra.botbol@jpmorgan.com

• Greater Public Control of Water Company Gearing: The Credit Take: Our Samanvitha Theegela

Thoughts on Proposals to Cap UK Water Sector Gearing Levels (Research (91-22) 6157-5846

Available) samanvitha.theegela@jpmchase.com

• Redeia: awarded project to build another pumped storage facility in the Canary J.P. Morgan India Private Limited Mukund Verma Islands

(44-20) 7742-4181

• Iberdrola: wins 10-year power supply contract with Italian retail chain mukund.verma@jpmorgan.com

• Orsted: Good Energy signs PPA for 400GWh from Orsted

Specialist Sales contact details:

Ian Mitchell - Specialist Sales -Sector News

European Energy

(44-20) 7134-1356

ian.e.mitchell@jpmorgan.com

EDP: Strong momentum should be confirmed by a strong

margin in Q2. H1 2026 preview (Research Available)

EDP will report H1 results on 29 July after market closing. We expect EDP to report

a strong set of results in Q2, which should allow the company to report a broadly

stable performance vs H1 2025 after the drop reported in Q1 due to an

exceptionally tough comp.